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Consumer Debt Facts in Bowie

Maryland Consumer Debt Accumulation by County

Bowie Consumer Debt Accumulation

$131 dollars in debt in 2016

The average Bowie resident accumulated $131 dollars in debt in 2016. Bowie citizens racked up a total of $7.6 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Bowie?

Facing Debt: You have options

If you've got some serious debt accumulating, it can be extremely daunting. When the bills keep piling up, and you might not know where to turn to for help. Maybe you've heard a bit about debt consolidation but aren't too sure on how it can help you climb your way out from the hole you're in.

Debt consolidation doesn't have to be scary, and there are many options which will help you get out of debt faster. Research all of your options and then pick the one that works best for you and your financial situation.

Secured Debt Consolidation Loans in Bowie

Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting. However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. More information on that can be found below.

How much of a loan you can get depends on the type of collateral you have and how much it's worth. These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly. Otherwise, you risk defaulting on the loan and losing the asset used as collateral.

Unsecured Debt Consolidation Loans in Bowie

Much like a secured debt consolidation loan, an unsecured debt consolidation loan lets you combine your debt payments under one lump sum with one interest rate. However, unlike a secured debt consolidation loan, you're not required to have an asset or collateral to receive such a loan.

Because you aren't offering up any collateral for such a loan, it's a much riskier loan for debt consolidators, and your interest rate could be somewhat high. These loans are determined according to your credit history and score, and the upside to an unsecured debt consolidation loan is that you aren't in jeopardy of losing your asset should you default.

Using a Home Equity Loan as Debt Consolidation in MD

A home equity loan lets you borrow money, using your home as collateral. This home equity loan is essentially a second mortgage that allows you to turn the equity on your home (the money your property is worth minus the amount you owe on it) into cash to be used at your discretion, such as debt consolidation. These loans are set up to be repaid quicker than your mortgage in equal payments with a fixed interest rate.

Home equity loans are secured loans which have the same risks and rewards already mentioned.

There are also programs which permit you to consolidate all of your credit card debt into one single payment (and interest rate). If you've got good credit, you could also be able to negotiate a lower interest rate on your credit cards, making it easier to repay.

Another option is to qualify for a new credit card at a low introductory interest rate (possibly as low as 0%) and transfer your credit card balance to your new card. While you're in your interest free rate, you should pay double payments in order to pay off your debt faster. But understand that the interest may very well be fairly high after the promotional period. Consider this way of consolidating debt only if you know you can pay off the debt while the introductory rate is in effect.

Another option with respect to debt consolidation is to enroll in a debt management program. A credit counseling agency will help you set up a debt management plan to help you pay off your debt as quickly as possible. This agency will also usually negotiate with your debtors so that they can reduce interest rates and fees.

Once the repayments are negotiated you will usually set up an account with the credit counseling agency and pay one lump sum a month into the account. The credit counseling agency will then disburse the payments out to each creditor. This benefits you because you only have to make one payment, and additionally it gives creditors more assurance that your payments will be made on time every month.

Credit counseling agencies can also help you develop a budget that's simple for you to follow and help alleviate some of the stress your debt has been causing you. If you stick to the plan a debt management program can help you save money, get rid of debt sooner and have a positive effect on your credit score.

Debt settlement is a strategy intended to pay off debts for less than you owe in a timeframe less than if you pay the debt in full. Debt Settlements are usually reserved for higher debt amounts of at least $10,000. Usually, the consumer enlists the help of a professional debt settlement company and/or lawfirm.

Those who choose to settle their debt can end up paying less than the full amount they owe. You will usually damage your credit in the short term, and there is a risk of litigration from creditors.

If you are serious about settling your debt, give us a call and we will see if you qualify.

Consumers have recently filed 303 debt or credit card complaints in Bowie.

Date Company and Reason
03/15/2018 A complaint against Credit Corp Solutions Inc. was filed on 03/15/2018 relating to debt collection practices and alleges that Credit Corp Solutions Inc. is attempting to collect a debt not owed by the consumer.
03/08/2018 A complaint against Law Office of Michael J. Scott, PC filed on 03/08/2018 alleges that Law Office of Michael J. Scott, PC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/08/2018 A complaint against CITIBANK, N.A. was filed on 03/08/2018 regarding credit card or prepaid card practices
03/06/2018 A complaint against TRANSWORLD SYSTEMS INC was filed on 03/06/2018 relating to debt collection practices and alleges that TRANSWORLD SYSTEMS INC is attempting to collect a debt not owed by the consumer.
02/26/2018 A complaint against CITIBANK, N.A. was filed on 02/26/2018 regarding credit card or prepaid card practices
02/10/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 02/10/2018 regarding debt collection practices
02/02/2018 A complaint against Protas, Spivok & Collins, LLC was filed on 02/02/2018 regarding debt collection practices
01/25/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 01/25/2018 regarding debt collection practices
01/04/2018 A complaint against CAVALRY INVESTMENTS, LLC was filed on 01/04/2018 regarding debt collection practices
12/29/2017 A complaint against Penn Credit Corporation was filed on 12/29/2017 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Bowie

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Divorce

If you are going through a change in marital status in Bowie and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Bowie rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Bills

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Prince George's County, Maryland annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 64 cities and towns in Prince George's County, MD. The average citizen in Bowie is spending approximately $131 more dollars than they earned annually, compared to the average of $271 across Maryland. All statistics according to the latest data(2016).

Highest Debt Cities in Prince George's County Maryland

  1. Rosaryville ranks 1st out of 64 cities in Prince George's County in consumer debt accumulation with $38 per resident on average in 2016.
  2. Lake Arbor ranks 2nd out of 64 cities in Prince George's County in consumer debt accumulation with $57 per resident on average in 2016.
  3. Marlton ranks 3rd out of 64 cities in Prince George's County in consumer debt accumulation with $89 per resident on average in 2016.
  4. National Harbor ranks 4th out of 64 cities in Prince George's County in consumer debt accumulation with $94 per resident on average in 2016.
  5. Clinton ranks 5th out of 64 cities in Prince George's County in consumer debt accumulation with $102 per resident on average in 2016.
  6. Mitchellville ranks 6th out of 64 cities in Prince George's County in consumer debt accumulation with $108 per resident on average in 2016.
  7. Brandywine ranks 7th out of 64 cities in Prince George's County in consumer debt accumulation with $120 per resident on average in 2016.
  8. Kettering ranks 8th out of 64 cities in Prince George's County in consumer debt accumulation with $126 per resident on average in 2016.
  9. Baden ranks 9th out of 64 cities in Prince George's County in consumer debt accumulation with $127 per resident on average in 2016.
  10. Glenn Dale ranks 9th out of 64 cities in Prince George's County in consumer debt accumulation with $127 per resident on average in 2016.
  11. Bowie ranks 11th out of 64 cities in Prince George's County in consumer debt accumulation with $131 per resident on average in 2016.
  12. District Heights ranks 11th out of 64 cities in Prince George's County in consumer debt accumulation with $131 per resident on average in 2016.
  13. Cheverly ranks 13th out of 64 cities in Prince George's County in consumer debt accumulation with $136 per resident on average in 2016.
  14. Woodlawn ranks 14th out of 64 cities in Prince George's County in consumer debt accumulation with $138 per resident on average in 2016.
  15. Brock Hall ranks 15th out of 64 cities in Prince George's County in consumer debt accumulation with $141 per resident on average in 2016.
  16. Hillcrest Heights ranks 16th out of 64 cities in Prince George's County in consumer debt accumulation with $145 per resident on average in 2016.
  17. Accokeek ranks 16th out of 64 cities in Prince George's County in consumer debt accumulation with $145 per resident on average in 2016.
  18. Friendly ranks 18th out of 64 cities in Prince George's County in consumer debt accumulation with $149 per resident on average in 2016.
  19. Beltsville ranks 19th out of 64 cities in Prince George's County in consumer debt accumulation with $151 per resident on average in 2016.
  20. Westphalia ranks 19th out of 64 cities in Prince George's County in consumer debt accumulation with $151 per resident on average in 2016.
  21. Oxon Hill ranks 21st out of 64 cities in Prince George's County in consumer debt accumulation with $155 per resident on average in 2016.
  22. North Brentwood ranks 22nd out of 64 cities in Prince George's County in consumer debt accumulation with $166 per resident on average in 2016.
  23. Fort Washington ranks 23rd out of 64 cities in Prince George's County in consumer debt accumulation with $168 per resident on average in 2016.
  24. Calverton ranks 24th out of 64 cities in Prince George's County in consumer debt accumulation with $172 per resident on average in 2016.
  25. South Laurel ranks 25th out of 64 cities in Prince George's County in consumer debt accumulation with $196 per resident on average in 2016.
  26. New Carrollton ranks 26th out of 64 cities in Prince George's County in consumer debt accumulation with $201 per resident on average in 2016.
  27. Seat Pleasant ranks 27th out of 64 cities in Prince George's County in consumer debt accumulation with $203 per resident on average in 2016.
  28. Seabrook ranks 28th out of 64 cities in Prince George's County in consumer debt accumulation with $214 per resident on average in 2016.
  29. Glassmanor ranks 29th out of 64 cities in Prince George's County in consumer debt accumulation with $220 per resident on average in 2016.
  30. Summerfield ranks 30th out of 64 cities in Prince George's County in consumer debt accumulation with $221 per resident on average in 2016.
  31. Greenbelt ranks 31st out of 64 cities in Prince George's County in consumer debt accumulation with $223 per resident on average in 2016.
  32. Marlow Heights ranks 32nd out of 64 cities in Prince George's County in consumer debt accumulation with $225 per resident on average in 2016.
  33. Hillandale ranks 33rd out of 64 cities in Prince George's County in consumer debt accumulation with $227 per resident on average in 2016.
  34. Silver Hill ranks 34th out of 64 cities in Prince George's County in consumer debt accumulation with $234 per resident on average in 2016.
  35. Fairmount Heights ranks 35th out of 64 cities in Prince George's County in consumer debt accumulation with $241 per resident on average in 2016.
  36. East Riverdale ranks 36th out of 64 cities in Prince George's County in consumer debt accumulation with $249 per resident on average in 2016.
  37. Forestville ranks 37th out of 64 cities in Prince George's County in consumer debt accumulation with $251 per resident on average in 2016.
  38. Camp Springs ranks 38th out of 64 cities in Prince George's County in consumer debt accumulation with $253 per resident on average in 2016.
  39. Lanham ranks 39th out of 64 cities in Prince George's County in consumer debt accumulation with $268 per resident on average in 2016.
  40. Suitland ranks 40th out of 64 cities in Prince George's County in consumer debt accumulation with $270 per resident on average in 2016.
  41. Coral Hills ranks 41st out of 64 cities in Prince George's County in consumer debt accumulation with $277 per resident on average in 2016.
  42. Peppermill Village ranks 42nd out of 64 cities in Prince George's County in consumer debt accumulation with $281 per resident on average in 2016.
  43. Laurel ranks 43rd out of 64 cities in Prince George's County in consumer debt accumulation with $297 per resident on average in 2016.
  44. Capitol Heights ranks 44th out of 64 cities in Prince George's County in consumer debt accumulation with $323 per resident on average in 2016.
  45. Largo ranks 45th out of 64 cities in Prince George's County in consumer debt accumulation with $328 per resident on average in 2016.
  46. Adelphi ranks 46th out of 64 cities in Prince George's County in consumer debt accumulation with $329 per resident on average in 2016.
  47. Landover ranks 46th out of 64 cities in Prince George's County in consumer debt accumulation with $329 per resident on average in 2016.
  48. Temple Hills ranks 48th out of 64 cities in Prince George's County in consumer debt accumulation with $337 per resident on average in 2016.
  49. Riverdale Park ranks 49th out of 64 cities in Prince George's County in consumer debt accumulation with $347 per resident on average in 2016.
  50. Walker Mill ranks 50th out of 64 cities in Prince George's County in consumer debt accumulation with $359 per resident on average in 2016.
  51. Chillum ranks 51st out of 64 cities in Prince George's County in consumer debt accumulation with $363 per resident on average in 2016.
  52. Edmonston ranks 52nd out of 64 cities in Prince George's County in consumer debt accumulation with $373 per resident on average in 2016.
  53. Brentwood ranks 53rd out of 64 cities in Prince George's County in consumer debt accumulation with $376 per resident on average in 2016.
  54. Hyattsville ranks 54th out of 64 cities in Prince George's County in consumer debt accumulation with $383 per resident on average in 2016.
  55. Cottage City ranks 55th out of 64 cities in Prince George's County in consumer debt accumulation with $388 per resident on average in 2016.
  56. Berwyn Heights ranks 56th out of 64 cities in Prince George's County in consumer debt accumulation with $418 per resident on average in 2016.
  57. Bladensburg ranks 57th out of 64 cities in Prince George's County in consumer debt accumulation with $424 per resident on average in 2016.
  58. Forest Heights ranks 58th out of 64 cities in Prince George's County in consumer debt accumulation with $429 per resident on average in 2016.
  59. Mount Rainier ranks 59th out of 64 cities in Prince George's County in consumer debt accumulation with $430 per resident on average in 2016.
  60. Colmar Manor ranks 60th out of 64 cities in Prince George's County in consumer debt accumulation with $497 per resident on average in 2016.
  61. Landover Hills ranks 61st out of 64 cities in Prince George's County in consumer debt accumulation with $502 per resident on average in 2016.
  62. Langley Park ranks 62nd out of 64 cities in Prince George's County in consumer debt accumulation with $606 per resident on average in 2016.
  63. University Park ranks 63rd out of 64 cities in Prince George's County in consumer debt accumulation with $836 per resident on average in 2016.
  64. College Park ranks 64th out of 64 cities in Prince George's County in consumer debt accumulation with $1313 per resident on average in 2016.
How does Prince George's County rank in Maryland?
Maryland County Debt Distribution

2 counties in Maryland accumulated $500+ in debt in 2016. Bowie averaged $131 per resident.

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